Recently Renovated Asset – The parking lot was resealed and stripped in August 2024. Common area lighting improvements were performed in 2021. The existing roof membrane was installed in 2013 and delivered with it a manufacturer’s warranty through 2033. The shopping center was painted in 2021 and the HVAC units are varying ages
but not more than 10 years old.
Below Market Rents – The average base rent throughout Jackson’s Courtyard is $16.16 per square foot with recent leasing momentum at roughly $20 per square foot, while the Donelson – Hermitage retail submarket average rent is $23.32 per square foot.
Fully Signalized Access – Jackson’s Courtyard benefits from easy and convenient access from a traffic signal on Lebanon Pike with average daily traffic of 34,802 vehicles.
Growing Metro Area – 14 county population of 1,993,500 growing by more than 80 residents per day. Healthcare leads the way with more than 250 healthcare companies. The area’s largest and notable employers include Vanderbilt University, Hospital Corporation of America (HCA), Nissan North American, Bridgestone, and Dollar General. Oracle, Amazon and Alliance Bernstein have all relocated certain operations to the Nashville area.
Low Cost per Square Foot – New ownership has the opportunity to purchase a retail asset at around ~$210/SF, whereas the cost to build a shopping center in the south averages $336/SF.
NOI Growth – Tenant leases include compounding annual percentage increases.
Coveted Asset Class – Small bay, unanchored strip centers are the most coveted retail asset class in the marketplace. Private and Institutional investors are highly focused on this type of asset as the safest for the future of retail.
